We are all aware of the current situation of pandemic and how it is impacting businesses globally and will keep impacting in the near future as well.
To help us and other agencies out there to survive this, we have tried our best to interact with agency owners from different walks of industry to get a holistic view of the impact of COVID-19 on their business and how they are tackling the situation.
Gridle Asks with Udit Goenka
Udit Goenka, the Founder and CEO of Little SaaS Incorporation is also the brains behind PitchGround, has 9 years of experience in the SaaS industry and 13+ years of experience as a web professional.
PitchGround is a platform to bridge the gap between Entrepreneurs, Marketers, Founders and early SaaS product adopters.
In this webinar we asked Udit 3 questions on which we wanted his insights and he shared some very interesting things on them.
Let's dive into the insights ????
What is the impact of working remotely on PitchGround team’s performance and productivity?
PitchGround team has always been working remotely, so they already have all the processes and the workflows of remote work in place. Hence, The impact on their productivity due to the pandemic has actually been nil.
The reason why most agencies face challenges to manage teams remotely is due to lack of processes.
According to him the key to manage smooth functioning of remote teams lies in setting the correct workflows and processes.
What is his advice to agencies who are facing cash flow issues due to delayed client payments?
Interestingly he makes a very valid point of focusing on creating value for your clients in these trying times.
These are difficult times for all including your clients. Agencies need to understand that the client’s business is their business and hence helping them create more value during this time will help them build a strong relationship with them.
He adds, “Stand by your clients now and they will stand with you forever”.
What are the changing trends in the rates of digital ads?
The business to customer (B2C) industry is definitely getting impacted. For instance, take the travel and tourism industry of India. It has been on a complete halt since the lockdown. Airlines and trains services are all on a halt.
However business to business (B2B) industry is flourishing right now. The lockdown is an opportunity in disguise for all the B2B companies.
The SaaS industry is pacing up, as businesses now need to rely on software more than ever.
In India where the system has always been to collect payments through cash and cheques, people are switching to online invoice and payment options like Gridle.
Your ability to position yourself and provide values to your clients will make you or break you.
Build your business on COVID-19 not as an opportunist but as someone who is out there to help all survive in these difficult times.
Apart from sharing the above wonderful insights Udit also shared some of the PitchGround Initiatives they have taken to help SMEs -
- They are helping small companies get access to free software. Several companies out there that have agreed to donate some amount of licenses to small companies so that they can balance some costs.
- They will donate 5% of their entire April month’s revenue towards all the different countries that their team members are from.
- They have created a site called EnoughStock which basically checks how many toilet rolls you will need in order to survive.
Udit also has his thoughts on the layoffs happening as a cost cutting measure
He firmly believes that layoff is not a solution to manage costs. Agencies need to understand that it's difficult for employees to get new jobs in these hard times.
Instead of laying off employees, talk to them and see whether they can work on reduced pay right now for let's say the next 3 months and ensure that their arrears will be cleared when the times are right.
With regards to this we at Gridle have also take our own initiative to help agencies in these tough times.
Check out Gridle's Response to COVID-19 to know more about what we are doing to help agencies.
Situations like these are unpredictable and can happen at any time and to anyone. Hence it's important that companies keep fund reserves for at least 6 months for survival and channelize their profits in a way that can help them during critical situations.
Tough times don't last, tough people do.
Stay safe ????